Audit Committee 070908

Ussu - Craig Abernathy

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Town of Nantucket Audit Committee Meeting Minutes – Audit Committee Meeting July 9, 2008 Present: Ms. Libby Gibson, Mr. James Kelly, Mr. Michael Kopko, Ms. Patricia Roggeveen, Mr. Malachy Rice, and Ms. Constance Voges Absent: None Also present: Mr. Rick Atherton, Ms. Irene Larivee, and Mr. Craig Abernathy 1. Announcements and Updates: None. 2. Progress Report on Fiscal Year 2006 and 2007 Audits: Ms. Voges presented each committee member with copies of completed, final reports that have been filed with the state in regard to the 2006 Audit. She stated that Renee Davis of Powers and Sullivan, is back in the office and she is working on producing a thdraft of the 2007 Audit by Friday, July 11 , 2008. Ms. Davis has worked on the Trust fund, the Footnotes, and she is now working on the Enterprise Fund. Ms. Voges stated that she is working closely with Renee Davis, and that if there are any changes to the financials she will update Ms. Davis. While Ms. Davis was out of the office some review work, and some debt work was done. Ms. Davis also reported to Ms. Voges that work on Fixed Assets is complete. Mr. Dickinson is reviewing the material to incorporate any changes into Town & County files. Ms. Roggeveen asked about the timeline for finishing the 2007 Audit. Ms. Voges responded that the Department of Revenue letter included a timeline with a mid‐August date ...

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TownofNantucketAuditCommitteeMeetingMinutes–AuditCommitteeMeetingJuly9,2008Present:Ms.LibbyGibson,Mr.JamesKelly,Mr.MichaelKopko,Ms.PatriciaRoggeveen,Mr.MalachyRice,andMs.ConstanceVogesAbsent:NoneAlsopresent:Mr.RickAtherton,Ms.IreneLarivee,andMr.CraigAbernathy1.AnnouncementsandUpdates:None.2.ProgressReportonFiscalYear2006and2007Audits:Ms.Vogespresentedeachcommitteememberwithcopiesofcompleted,finalreportsthathavebeenfiledwiththestateinregardtothe2006Audit.ShestatedthatReneeDavisofPowersandSullivan,isbackintheofficeandsheisworkingonproducingath draftofthe2007AuditbyFriday,July11 ,2008.Ms.DavishasworkedontheTrustfund,theFootnotes,andsheisnowworkingontheEnterpriseFund.Ms.VogesstatedthatsheisworkingcloselywithReneeDavis,andthatifthereareanychangestothefinancialsshewillupdateMs.Davis.WhileMs.Daviswasoutoftheofficesomereviewwork,andsomedebtworkwasdone.Ms.DavisalsoreportedtoMs.VogesthatworkonFixedAssetsiscomplete.Mr.DickinsonisreviewingthematerialtoincorporateanychangesintoTown&Countyfiles.Ms.Roggeveenaskedaboutthetimelineforfinishingthe2007Audit.Ms.VogesrespondedthattheDepartmentofRevenueletterincludedatimelinewithamid‐Augustdate.Shestatedfromthetimeshereceivesadraftaudituntilthetimetheauditiscompletedthereisaboutatwoweekperiodofrevisionbetweenherofficeandtheofficeoftheauditor.DuringthisperiodtheauditorswillalsodrafttheFederalFinancialsandtheReporttoManagement.

Minutes – Audit Committee July 9, 2008Page 2 of 4 3.AccomplishmentssinceMeetingof6/25/08Ms.VogeshighlightedsomeoftheaccomplishmentssincethelastmeetingoftheAuditCommittee.TwonewbankaccountswithCitizensBankareinuse,andthepayrollofficehasprocessedtwoweeklypayrollcyclesusingdirectdeposit.Mr.Kellyaskedaboutanyerrorreporting,andMs.Vogesrespondedthattherewerenoerrorstoreport.Mr.Kellystatedthatthefactthatthetransitionwentsmoothlywasatestamenttothepreparationthatwentintothetransition.Mr.Kopkoaskediftheuseofdirectdepositwasa“unionissue.”Ms.Gibsonstatedthatrequiringunionemployeestousedirectdepositwouldrequirebargainingwiththeunion.ShealsostatedthatthereweretwoitemstheTownhasbeenattemptingtonegotiatewiththeunions,directdepositandbi‐weeklypayroll.Sheexplainedthatevenwhenitemsdonothaveaspecificreferenceinaunioncontracttheystillrequirebargainingwiththelocalunit.Anyitemswithoutapreviousmandaterequirenegotiationsinordertoimplementachangeinprocedure.Mr.Kopkocontinuedtoquestionwhypeoplechoosenottousethebenefit.Ms.Gibsonstatedthatsomeemployeesprefertoreceiveacheck.Mr.Kellyaskediftherewerenowtwosystemsinplace,directdepositandpayrollchecks.Ms.GibsonstatedthatthetwosystemshavebeeninplacefromthetimetheTownstartedofferingdirectdeposit.Mr.Kellyaskedifitwouldbepossibletodemonstratethebenefitofdirectdeposittoemployees.Ms.Vogesstatedthatnewemployeesarestronglyencouragedtousedirectdeposit.Ms.LariveeaddedthattwoweeksagoacommunicationwassenttoeveryemployeeintheTownhighlightingthebenefitsofdirectdeposit.Shealsoaddedthatwewillcontinuetopromotethisbenefitthroughoutthefiscalyear.nd Ms.Vogesstatedthatthe2007ScheduleAwassubmittedonJuly2tothecomputerdivisionoftheDepartmentofRevenue(DOR).SheexpectstheretobesomediscussionandreviewbetweentheTown’sDORrepresentativeBarbaraDakin,ControllerBobDickinson,andthecomputerdivision.Thecomputerdivisiontypicallylooksforinconsistencies,andtheninquiresastothereasonforchangesinreportingamounts.Ms.VogesreportedthattheAbrahamsGrouphasfinishedtheirfirstroundofinternalandexternalinterviews.KathyGriffinwillbebacktodofollow‐upinterviews.Mr.Kellyaskedwhenthegroupwouldsubmititsfindings,andMr.Ricerepliedthatthefindingsth willbesubmittedonAugust29 ,2008.Mr.KellyaddedthatheappreciatedthefactthattheAbrahamsGroupwillreporttheirfindingsandthenseekagreementonthosefindingsbeforemovingontomakingrecommendations.Cashreconciliationisinprogress,andMs.Vogesstatedthatthusfarinthefinancialyeartherehavebeentwopayrollsfor$2.3million,onesmallaccountspayablerun,and$207,000inreceipts.

Minutes – Audit Committee July 9, 2008Page 3 of 4 st Ms.RoggeveenstatedthatMarkAbrahamsreportedthatasofJuly1everythingwasposted.Shefeltthatthiswasanoutstandingachievement.Shealsoinquiredaboutthechangeincashreconciliation.Ms.Vogesreportedthattherehadbeennoproblemswiththenewaccounts.ShestatedthattheprimaryfocuspointoftheauditingchangeswastheTreasurer’sOffice,andthattheTreasurer’sOfficehasdonemonumentalworkingettingthetwoaccountsestablished.Inadditiontoestablishingthenewaccounts,theTreasurer’sOfficehadtoperformtestingofthenewproceduresandimplementthenormalyear‐end/year‐beginningprocedures.4.OtherBusinessMr.KopkoaskedabouttheDepartmentofRevenueletter,andwheretheFinanceDepartmentisinrelationtoexaminationandimplementationofnewproceduresandcontrols.Ms.Roggeveenrespondedthatthecashreconciliationwasamajorachievementfromtheproposednewprocedures.Mr.KopkostatedthathebelievedthattheAuditCommitteewastohaveareportdraftedtotheDORoutliningtheplansoftheFinanceDepartment.Ms.VogesaskedifhewasreferringtotheAbrahamsGroupreport,andMr.Kopkoindicatedthathewas.Ms.Gibsonrespondedthatthereisworktobedone,butthefinalreportisexpectedtobecompletedbytheendofAugust.Mr.KopkothenaskedaboutaresponsetotheDepartmentofRevenueletterthatwaspresentedatthelastmeeting.Ms.GibsonstatedthatshesenttheletteronthepreviousFriday,andthatshewillfollowupwithaphonecalltoBarbaraDakinlatertoday.Mr.KopkoaddedthatMarkAbrahamshadexpressedconcernwithsomeofthetimeline’sdatesintheDORletter.Ms.GibsonsaidthatshespokeextensivelywithMr.Abrahamsandacceptedhistimelinewiththeintentionofbeatingeachdeadline.TheAuditCommitteediscussedchargesassessedbyBankofAmerica.Mr.KellystatedthatheappreciatedthefactthattheaccomplishmentsoftheFinanceCommitteewerewelldocumented.HewentontosaythathewasawarethatMs.Voges’staffhadbeenunderalotofpressure,andthathewouldliketheAuditCommitteetopubliclyrecognizetheachievementsoftheFinanceDepartment.Ms.GibsonstatedthatsomeoftheachievementswereontheagendafortheBoardofSelectmenMeetinglaterthatevening.Ms.RoggeveenproposedthatshemakeapublicstatementofthanksonbehalfoftheAuditCommitteeattheBoardofSelectmenMeeting.5.DateofNextMeeting:Ms.VogesinformedthemembersthataccordingtoPowers&Sullivan,adraftofthe2007Auditshouldbereadyintwoweeks.Ms.Roggeveenproposedthatthedateoftherd nextmeetingshouldbeonJuly23 ,2008.

Minutes – Audit Committee July 9, 2008

Page 4 of 4

6.AdjournmentMs.Roggeveenaskedforamotiontoadjournwhichwas“somoved”byMr.Kopko. PreparedbyCraigAbernathy

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